Income Statement
Quarterly Data

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

Uber Technologies Inc., consolidated income statement (quarterly data)

US$ in millions

3 months ended:	Dec 31, 2025	Sep 30, 2025	Jun 30, 2025	Mar 31, 2025	Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021
Revenue	14,366)	13,467)	12,651)	11,533)	11,959)	11,188)	10,700)	10,131)	9,936)	9,292)	9,230)	8,823)	8,607)	8,343)	8,073)	6,854)	5,778)	4,845)	3,929)	2,903)
Cost of revenue, exclusive of depreciation and amortization	(8,681)	(8,109)	(7,611)	(6,937)	(7,234)	(6,761)	(6,488)	(6,168)	(6,057)	(5,626)	(5,515)	(5,259)	(5,307)	(5,173)	(5,153)	(4,026)	(3,104)	(2,438)	(2,099)	(1,710)
Gross profit	5,685)	5,358)	5,040)	4,596)	4,725)	4,427)	4,212)	3,963)	3,879)	3,666)	3,715)	3,564)	3,300)	3,170)	2,920)	2,828)	2,674)	2,407)	1,830)	1,193)
Operations and support	(755)	(735)	(696)	(668)	(678)	(687)	(682)	(685)	(702)	(683)	(664)	(640)	(605)	(617)	(617)	(574)	(547)	(475)	(432)	(423)
Sales and marketing	(1,354)	(1,277)	(1,210)	(1,057)	(1,209)	(1,096)	(1,115)	(917)	(935)	(941)	(1,218)	(1,262)	(1,122)	(1,153)	(1,218)	(1,263)	(1,262)	(1,168)	(1,256)	(1,103)
Research and development	(885)	(862)	(840)	(815)	(785)	(774)	(760)	(790)	(784)	(797)	(808)	(775)	(747)	(760)	(704)	(587)	(558)	(493)	(488)	(515)
General and administrative	(732)	(1,183)	(669)	(657)	(1,114)	(630)	(686)	(1,209)	(603)	(646)	(491)	(942)	(745)	(908)	(851)	(632)	(611)	(625)	(616)	(464)
Depreciation and amortization	(185)	(188)	(175)	(171)	(169)	(179)	(173)	(190)	(203)	(205)	(208)	(207)	(223)	(227)	(243)	(254)	(246)	(218)	(226)	(212)
Income (loss) from operations	1,774)	1,113)	1,450)	1,228)	770)	1,061)	796)	172)	652)	394)	326)	(262)	(142)	(495)	(713)	(482)	(550)	(572)	(1,188)	(1,524)
Interest expense	(115)	(112)	(108)	(105)	(117)	(143)	(139)	(124)	(155)	(166)	(144)	(168)	(151)	(146)	(139)	(129)	(130)	(123)	(115)	(115)
Other income (expense), net	(1,368)	1,619)	162)	262)	256)	1,851)	420)	(678)	1,331)	(52)	273)	292)	767)	(535)	(1,704)	(5,557)	1,471)	(1,832)	1,943)	1,710)
Income (loss) before income taxes and income (loss) from equity method investments	291)	2,620)	1,504)	1,385)	909)	2,769)	1,077)	(630)	1,828)	176)	455)	(138)	474)	(1,176)	(2,556)	(6,168)	791)	(2,527)	640)	71)
(Provision for) benefit from income taxes	40)	4,046)	(142)	402)	6,002)	(158)	(57)	(29)	(133)	40)	(65)	(55)	84)	(58)	(77)	232)	97)	101)	479)	(185)
Income (loss) from equity method investments	(14)	(14)	(12)	(13)	(10)	(12)	(12)	(4)	5)	3)	4)	36)	42)	30)	17)	18)	(9)	(13)	(7)	(8)
Net income (loss) including non-controlling interests	317)	6,652)	1,350)	1,774)	6,901)	2,599)	1,008)	(663)	1,700)	219)	394)	(157)	600)	(1,204)	(2,616)	(5,918)	879)	(2,439)	1,112)	(122)
Net (income) loss attributable to non-controlling interests, net of tax	(21)	(26)	5)	2)	(18)	13)	7)	9)	(271)	2)	—)	—)	(4)	(2)	15)	(12)	13)	15)	32)	14)
Net income (loss) attributable to Uber Technologies, Inc.	296)	6,626)	1,355)	1,776)	6,883)	2,612)	1,015)	(654)	1,429)	221)	394)	(157)	596)	(1,206)	(2,601)	(5,930)	892)	(2,424)	1,144)	(108)

Revenue exhibited a consistent upward trajectory over the analyzed period, increasing from US$2,903 million in March 2021 to US$14,366 million in December 2025. While growth remained positive throughout, the rate of increase fluctuated, with a noticeable deceleration in the latter half of 2024 and early 2025. Cost of revenue also increased substantially, mirroring the revenue growth, but at a faster pace, particularly from 2022 onwards. This resulted in fluctuating gross profit, though it also demonstrated an overall upward trend.

Operating expenses, encompassing operations and support, sales and marketing, research and development, and general and administrative costs, collectively represented a significant portion of revenue. Sales and marketing expenses initially decreased from Q3 2022 to Q3 2023, before increasing again. Research and development expenses consistently increased throughout the period. General and administrative expenses experienced a significant spike in Q1 2024, followed by a decrease, but remained elevated compared to prior periods. These expense patterns significantly impacted the company’s operational profitability.

Gross Margin: The gross margin, calculated as gross profit divided by revenue, initially improved from 41.1% in March 2021 to 47.8% in June 2022. However, it subsequently declined, reaching 39.2% in December 2025, indicating increasing pressure on profitability from cost of revenue. This suggests a potential erosion of pricing power or increasing input costs.
Operating Income: Income (loss) from operations demonstrated significant volatility. The company experienced substantial operating losses in the earlier periods, transitioning to profitability in Q3 2023. Operating income peaked in Q3 2024 at US$2,769 million, before decreasing to US$1,774 million in December 2025. This fluctuation highlights the sensitivity of operating results to revenue growth, cost management, and expense control.

Interest expense remained relatively stable throughout the period, with a slight decrease in the later quarters. Other income (expense), net, exhibited substantial fluctuations, significantly impacting the income before income taxes. Notably, a large positive value was observed in Q4 2021 and Q4 2024, and a large negative value in Q3 2021 and Q4 2025. These fluctuations require further investigation to understand their underlying drivers.

Net Income: Net income (loss) attributable to Uber Technologies, Inc. mirrored the volatility observed in operating income and other income. The company experienced significant net losses in the earlier periods, achieving profitability in Q3 2023. Net income peaked in Q4 2024 at US$6,883 million, before decreasing to US$296 million in December 2025. The impact of non-controlling interests was relatively small, but present throughout the period.

The provision for (benefit from) income taxes also fluctuated considerably, shifting from a provision to a benefit in several quarters. This variability likely reflects changes in tax regulations, profitability, and the utilization of tax credits or loss carryforwards. Overall, the financial performance demonstrated a transition from substantial losses to profitability, but with increasing volatility and margin pressure in the most recent periods.

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Uber Technologies Inc. (NYSE:UBER)

Income Statement Quarterly Data

Income Statement
Quarterly Data